Author: Joe Kizlauskas
Last Updated: 28th December 2020
The completion of its previously planned purchase of Eldorado Resort Casino Shreveport from Caesars Entertainment was announced by Bally’s Corporation.
Under the company’s revolving credit facility, the $140m net purchase price, subject to customary modifications, was financed with cash on hand and available borrowings.
It was revealed in January that Maverick Gaming was to acquire the $230m property, but the operator announced it was to forgo the purchase to nurture and preserve existing properties, as well as that of Montblue Resort, Casino and Spa in Lake Tahoe.
Located in Shreveport, Louisiana, Eldorado Resort Casino Shreveport is right on the banks of the Red River and consists of 1,401 slots, 54 tables, and 403 hotel rooms.
George Papanier, Bally’s Corporation’s president and CEO said: “Eldorado Shreveport represents the latest step in our ongoing portfolio diversification strategy, expanding our rapidly growing geographic footprint into the attractive Shreveport/Bossier City market.
“Eldorado Shreveport is a first-class, premier entertainment asset that is emblematic of the iconic Bally’s brand. With the close of this transaction, we are looking forward to integrating Eldorado Shreveport into the Bally’s family, and implementing our proven strategic initiatives to drive growth and revenue improvements.”
Bally’s Corporation and FanDuel Group announced on Wednesday 23rd, the opening of the FanDuel Sportsbook via a temporary offering at Bally’s Atlantic City Hotel & Casino, with the design and development of the permanent entity underway.
The first retail sports betting project for the company in Atlantic City is the temporary sportsbook, which will use FanDuel’s patented risk and trading technology that leverages the IGT PlaySports network.